Reduced to $24.99m! This is nearly $4m reduced from the original asking price. Sellers are motivated to make a deal for this newly built, prime Beverly Hills office building! Originally $28.9m now $24.99m!!! DM for OM Shaya Braverman
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REIT Industry Expert/Phish Aficionado | Chief Investment Officer of Hoya Capital & Hoya ETFs | Educating Investors about the REIT Industry
🏢 Navigating Market Shifts: Los Angeles Office Building Sells at 52% Discount 📉💼 In a significant market move, a Los Angeles office building near Century City and Beverly Hills recently changed hands at a price 52% below its 2018 value. Here are the key details: Property: The five-story office building at 1640 Sepulveda Blvd. Buyers: Harbor Associates and F&F Capital Group Purchase Price: Approximately $44.7 million Previous Sale (2018): The building exchanged hands in 2018 for $92.5 million. Market Dynamics: Market Pressures: The LA office real estate market faces challenges due to the impact of remote work and financing complexities amid soaring interest rates. Recent Trend: This sale echoes a trend seen in the recent Aon Center transaction, which sold for about 45% less than its 2014 purchase price. Property Details: Construction: The building, constructed in 1987, underwent significant renovations, including over $11 million in upgrades to tenant spaces and a redesigned lobby. Occupancy: At the time of the deal's closing, the building was 80% occupied. Insights from Harbor Principal Joon Choi: "After several years of kicking the can down the road, we are now beginning to see distress hit the market. There are still compelling opportunities to find hidden gems at a deep discount to replacement." https://lnkd.in/gjJ_HA29
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The new normal for Commercial Real Estate (CRE): Yet another office building is selling for 50% less than it was last purchased for. A 20-story office building in downtown San Francisco last sold for $148 million in 2014. It just hit the market for $80 million, or 46% below the 2014 purchase price. This barely covers the $75 million loan that was taken to buy the property. These headlines are becoming a daily occurance as the CRE graveyard expands. Office building prices are down over 30% this year. https://lnkd.in/dbhSWfCu
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"6K SF of Detroit Office Space Leased by Friedman Real Estate" Read the full article below..
“6K SF of Detroit Office Space Leased by Friedman Real Estate”
https://cremarketbeat.com
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Commercial Lender @ ACOM Capital | Bridge Loans | Construction Loans | Permanent Loans | SBA Loans | USDA Loans
LA office building sells at 52% less than 2018 price LOS ANGELES: A Los Angeles (LA) office building located near Century City and Beverly Hills has sold for about 52% less than its price five years ago. Harbor Associates and F&F Capital Group bought the five-story property at 1640 Sepulveda Boulevard for about US$44.7mil, according to a statement. The building last sold in 2018 for US$92.5mil. It’s the latest sale of an LA office building in a market that’s been pressured by the rise of remote work and financing challenges brought about by soaring interest rates. Recently, the Aon Centre in downtown LA sold for US$147.8mil, about 45% less than its previous purchase price in 2014. The building at 1640 Sepulveda Boulevard was constructed in 1987 and has had more than US$11mil in renovations, including upgrades to tenant spaces as well as a redesigned lobby. The building was 80% occupied at the time of the deal’s closing, according to the statement. “After several years of kicking the can down the road, we are now beginning to see distress hit the market,” Harbor principal Joon Choi said in the statement. “There are still compelling opportunities to find the hidden gems at a deep discount to replacement.” The deal is the second real estate acquisition for the joint venture in the past two months. Harbor and F&F also acquired an industrial portfolio in Carlsbad, California, for about US$21mil in November. #losangelesrealestate #californiarealestate #officebuildings #commercialproperty #commercialrealestate #commerciallending #commercialloans #commercialloan
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Best Real Estate Opportunities are to be found in Global Real Estate. Broaden your investment horizons...
A Los Angeles office building just sold for 52% less than its price five years ago. The office building was originally purchased in 2018 for $92.5 million. Now, it sold for $44.7 million even after over $11 million in renovations. Just weeks ago, the Aon Center in downtown LA sold for $147.8 million, 45% less than its previous purchase price in 2014. Source: The Kobeissi Letter
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"Opportunistic buyers have found some large office buildings at a steep discount up to 70%, making the office market an opportunity for real estate investors." https://lnkd.in/dTxNrkdH #realestatenews #markettrends #Floridarealestate #officebuildings #work #supplyanddemand #realestate #propertyspecialist #FloridaRealtors #pupellorealtycompanyllc
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